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Media enterprise business model innovation in the new-media era: A value-chain reconstruction perspective

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  • Jiang, Meilian
  • Li, Jingru
  • Cheng, Zifei

Abstract

This study examines how business model innovation influences value-chain upgrading in media enterprises, using panel data from 145 Chinese listed firms. Employing fixed effects, quantile regression, and threshold models, the results show that innovation significantly enhances value-chain upgrading, particularly among higher-tier firms. Threshold effects arise under varying levels of industry competition and financing constraints. The findings suggest that managers should align innovation strategies with market structures and resource conditions, while policymakers should promote moderate competition and broaden financing access to fully realize the upgrading potential of business model innovation.

Suggested Citation

  • Jiang, Meilian & Li, Jingru & Cheng, Zifei, 2026. "Media enterprise business model innovation in the new-media era: A value-chain reconstruction perspective," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s154461232502608x
    DOI: 10.1016/j.frl.2025.109359
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